MTS.AX finds buyers again around 2.46


Metcash Limited (MTS.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
MTS.AX closes lower for the 2nd day in a row
MTS.AX finds buyers again around 2.46
MTS.AX falls to lowest close since October 11, 2017
MTS.AX closes within previous day's range after lackluster session
MTS.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 20% Bullish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, MTS.AX finished the week -7.12% lower at 2.48 after losing A$0.01 (-0.4%) today. Today's closing price of 2.48 marks the lowest close since October 11, 2017. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MTS.AX
Volatility

Friday's trading range was A$0.04 (1.61%), that's below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After having been unable to move lower than 2.46 in the previous session, the share found buyers again around the same price level today at 2.46.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Metcash Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Bullish Break through SMA 20 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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